Regulation No. 2007-07 on the Collection of Savings and Banking Activities

REGULATION
ON THE COLLECTION OF SAVINGS
AND BANKING ACTIVITIES
Year 2007 / Number 07
(Consolidated text as of 29/01/2026 - Update XXIV)

Central Bank of the Republic of San Marino
Regulation No. 2007-07 on the collection of savings and banking activities (upd. XXIV) INDEX
PART I INTRODUCTION................................................................................................................................................................ 12
TITLE I PRELIMINARY PROVISIONS .......................................................................................................................................................................... 12
Article I.I.1 - Legislative sources .................................................................................................... 12
Article I.I.2 - Definitions ............................................................................................................ 12
TITLE II OBJECTIVES AND STRUCTURE OF THE PROVISION..................................................................................... 20
Article I.II.1 - Purposes................................................................................................................. 20
Article I.II.2 - References................................................................................................................... 20
Article I.II.3 - Preparation ........................................................................................................ 20
Article I.II.4 - Structure ............................................................................................................... 20
Article I.II.5 - Models ................................................................................................................ 20
PART II COLLECTION OF SAVINGS AND BANKING ACTIVITIES ...................................................................... 21
TITLE I PRELIMINARY PROVISIONS .......................................................................................................................................................................... 21
Article II.I.1 - Legislative sources ................................................................................................... 21
Article II.I.2 - Administrative sanctions ...................................................................................... 21
TITLE II BANKING ACTIVITIES ...................................................................................................................................... 21
Article II.II.1 - Reservation of banking activity ............................................................................. 21
Article II.II.2 - Illegal banking ........................................................................................................ 21
Article II.II.3 - Reserved activities................................................................................................. 21
Article II.II.4 - Other exercisable activities..................................................................................... 22
Article II.II.5 - Activities exercisable subject to authorization.......................................................... 22
TITLE III COLLECTION BY BANKS.......................................................................................................... 23
Article II.III.1 - Savings collection instruments................................................................... 23
Chapter I Collection by means of bank deposits.......................................................................................................23
Article II.III.2 - Forms of deposit ............................................................................................. 23
Article II.III.3 - Use of savings deposits....................................................................... 23
Article II.III.4 - Savings books.......................................................................................... 23
Chapter II Collection by means of securities.........................................................................................................24
Article II.III.5 - Types of securities....................................................................................................... 24
Article II.III.6 - Certificates of deposit ....................................................................................... 24
Article II.III.7 - Bonds ..................................................................................................... 25
Article II.III.8 - Atypical securities ...................................................................................................... 27
TITLE IV COLLECTION BY AUTHORIZED SUBJECTS OTHER THAN BANKS........................ 27
Article II.IV.1 - Savings collection instruments .................................................................. 27
Article II.IV.2 - Quantitative limits on issuance....................................................................... 27
Article II.IV.3 - Minimum duration of bond loans........................................................ 28
Article II.IV.4 - Conditions for dematerialization ............................................................. 28
PART III AUTHORIZATION FOR BANKING ACTIVITIES.............................................................................................. 29
TITLE I PRELIMINARY PROVISIONS .......................................................................................................................................................................... 29
Article III.I.1 - Legislative sources.................................................................................................. 29
Article III.I.2 - Administrative sanctions..................................................................................... 29
TITLE II AUTHORIZATION FOR CONSTITUTION...................................................................................................... 29
Article III.II.1 - Signatories of the application ................................................................................... 29
Article III.II.2 - Form of the application ....................................................................................... 29
Article III.II.3 - Content of the application ................................................................................. 29
Article III.II.4 - Declaration of controlling subjects............................................................. 30
Article III.II.5 - Beneficial owners................................................................................................. 30

Central Bank of the Republic of San Marino
Regulation No. 2007-07 on the collection of savings and banking activities (upd. XXIV)
Article III.II.6 - Methods of submitting the application ........................................................ 30
Article III.II.7 - Term of the decision.............................................................................. 31
Article III.II.8 - Suspension of the term ................................................................................... 31
Article III.II.9 - Interruption of the term.................................................................................... 31
TITLE III MINIMUM REQUIREMENTS...................................................................................................................................................... 31
Article III.III.1 - Criteria for drafting the articles of incorporation.......................................................... 31
Article III.III.2 - Legal form....................................................................................................... 33
Article III.III.3 - Company seat ............................................................................................ 33
Article III.III.4 - Share capital................................................................................................ 33
Article III.III.5 - Locked deposit........................................................................................... 33
Article III.III.6 - Requirements for promoters.................................................................................... 34
Article III.III.7 - Requirements for corporate officers.................................................................. 34
Article III.III.8 - Business plan ...................................................................................... 34
TITLE IV - [ABROGATED] -............................................................................................................................................................. 35
TITLE V AUTHORIZATION TO BEGIN OPERATIONS......................................................................................... 35
Article III.V.1 - Preliminary provisions ........................................................................................................... 35
Article III.V.2 - Terms of the application..................................................................................... 35
Article III.V.3 - Form of the application ....................................................................................... 35
Article III.V.4 - Content of the application ................................................................................. 35
Article III.V.5 - Variations and integrations to the business plan......................................... 36
Article III.V.6 - Methods of submitting the application ........................................................ 36
Article III.V.7 - Term of the decision ............................................................................. 36
Article III.V.8 - Reiteration of the application ............................................................................. 36
Article III.V.9 - Minimum requirements ............................................................................................... 37
Article III.V.10 - Inspections..................................................................................... 37
Article III.V.11 - Notification of commencement of operations............................................................... 37
Article III.V.12 - Foreign exchange authorization ..................................................................................... 37
TITLE VI ACTIVITIES OF FOREIGN SUBJECTS ......................................................................................................................... 38
Chapter I Branches of foreign banks ...................................................................................................................38
Article III.VI.1 - Requirements for authorization ......................................................................... 38
Article III.VI.2 - Authorization application............................................................................. 39
Article III.VI.3 - Business plan...................................................................................... 39
Article III.VI.4 - Requirements for branch managers...................................................... 40
Article III.VI.5 - Authorization procedure................................................................................... 40
Article III.VI.6 - Applicable provisions................................................................................... 41
Chapter II Provision of services without a permanent establishment ..........................................................................................42
Article III.VI.7 - Scope of application of the discipline.......................................................... 42
Article III.VI.8 - Conditions for authorization ...................................................................... 43
Article III.VI.9 - Authorization application............................................................................. 43
Article III.VI.10 - Authorization procedure................................................................................. 43
Article III.VI.11 - Applicable provisions................................................................................. 44
Chapter III Representative offices .....................................................................................................................44
Article III.VI.12 - Prohibition on exercising reserved activities ........................................................ 44
Article III.VI.13 - Requirements ........................................................................................................ 44
Article III.VI.14 - Procedure....................................................................................................... 44
TITLE VII VARIATION, WAIVER AND REVOCATION OF AUTHORIZATION ....................................................... 45
Article III.VII.1 - Request for variation................................................................................... 45
Article III.VII.2 - Waiver of authorization ........................................................................... 45

Central Bank of the Republic of San Marino
Regulation No. 2007-07 on the collection of savings and banking activities (upd. XXIV)
Article III.VII.3 - Revocation of authorization.............................................................................. 46
PART IV CORPORATE OFFICERS ............................................................................................................................................ 47
TITLE I REFERENCE................................................................................................................................................................................. 47
Article IV.I.1 – Applicable provisions for corporate officers of banks ............................. 47
PART V OWNERSHIP STRUCTURES.................................................................................................................................................. 48
TITLE I PRELIMINARY PROVISIONS .......................................................................................................................................................................... 48
Article V.I.1 - Legislative sources................................................................................................... 48
Article V.I.2 - Administrative sanctions...................................................................................... 48
TITLE II REQUIREMENTS......................................................................................................................................................................... 48
Chapter I Good repute ..............................................................................................................................................48
Article V.II.1 - Requirements............................................................................................................. 48
Article V.II.2 - Certification methods .................................................................................. 49
Article V.II.3 - Foreign certificates.................................................................................................. 49
Article V.II.4 - Validity requirements for certificates...................................................................... 49
Article V.II.5 - Exempted subjects................................................................................................. 49
Chapter II Sound and prudent management .....................................................................................................................50
Article V.II.6 - Requirements............................................................................................................. 50
Article V.II.7 - Information note ................................................................................................ 51
Article V.II.8 - Attached documentation................................................................................... 52
TITLE III AUTHORIZATION FOR ACQUISITION OF SIGNIFICANT PARTICIPATIONS................................. 52
Article V.III.1 - Scope of application..................................................................................... 52
Article V.III.2 - Subjected parties................................................................................................... 53
Article V.III.3 - Authorization application .............................................................................. 53
Article V.III.4 - Declaration of controlling subjects............................................................. 54
Article V.III.5 - Terms of the decision .............................................................................. 54
Article V.III.6 - Evaluation criteria ........................................................................................ 55
TITLE IV COMMUNICATION OBLIGATIONS......................................................................................................................... 55
Article V.IV.1 - Ownership structures............................................................................................. 55
Article V.IV.2 - Voting agreements................................................................................................. 56
TITLE V POWERS OF INTERVENTION.......................................................................................................................................... 56
Article V.V.1 - Revocation of authorization................................................................................ 56
Article V.V.2 - Annulment of shareholder resolutions.......................................................... 56
Article V.V.3 - Order to alienate the participation........................................................ 56
Article V.V.4 - Verification of the permanence of requirements ............................................................. 57
PART VI BALANCE SHEET........................................................................................................................................................................... 58
TITLE I PRELIMINARY PROVISIONS .......................................................................................................................................................................... 58
Article VI.I.1 - Legislative sources.................................................................................................. 58
Article VI.I.2 - Administrative sanctions .................................................................................... 58
TITLE II GENERAL RULES...................................................................................................................................................... 58
Article VI.II.1 - General obligations.............................................................................................. 58
Article VI.II.2 - Composition of the balance sheet ............................................................................... 58
Article VI.II.3 - Audit obligations for Sanmarinese banks and branches of foreign banks
Article VI.II.4 - Certification of the audit firm and auditors...................... 59
Article VI.II.5 - Reference ............................................................................................................... 59
PART VII PRUDENTIAL SUPERVISION .................................................................................................................................... 60
TITLE I PRELIMINARY PROVISIONS .......................................................................................................................................................................... 60

Central Bank of the Republic of San Marino
Regulation No. 2007-07 on the collection of savings and banking activities (upd. XXIV)
Article VII.I.1 - Legislative sources ................................................................................................ 60
Article VII.I.2 - Administrative sanctions ................................................................................... 60
TITLE II SUPERVISORY CAPITAL ................................................................................................................................. 60
Article VII.II.1 - Structure of supervisory capital............................................................... 60
Article VII.II.2 - Core capital........................................................................................... 60
Article VII.II.3 - Supplementary capital............................................................................... 61
Article VII.II.4 - Deductions ........................................................................................................ 61
Article VII.II.5 - Limits and restrictions........................................................................................... 62
Article VII.II.6 - Minimum amount of supervisory capital ............................................ 63
Article VII.II.7 - Hybrid capitalization instruments......................................................... 63
Article VII.II.8 - Subordinated liabilities....................................................................................... 63
Article VII.II.9 - Guarantees provided upon issuance of hybrid capitalization instruments and
subordinated liabilities and consequent "on-lending" operations.................... 64
Article VII.II.10 - Request for approval from the Central Bank ................................................... 65
Article VII.II.11 - Repurchase by the issuing bank of shares of hybrid capitalization instruments or subordinated liabilities ............................................ 65
Article VII.II.12 - Derogations ......................................................................................................... 66
Article VII.II.13 - Rectified supervisory capital................................................................. 66
TITLE III CAPITAL ADEQUACY........................................................................................................................ 67
Chapter I General rules ........................................................................................................................................67
Article VII.III.1 - Mandatory provision........................................................................ 67
Article VII.III.2 - Structure of the capital ratio .......................................................... 67
Article VII.III.2-bis - Derogation for operations related to the trading portfolio of small
size...................................................................................................... 68
Article VII.III.2-ter - Minimum capital ratio ........................................................... 68
Chapter II Credit risk...................................................................................................................................68
Article VII.III.3 - Weighting criteria .................................................................................. 68
Article VII.III.4 - Debtor counterparties................................................................